grace period

noun

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web

Diaz said there is a 30-day grace period for students where all lunches will be provided free of charge. — Austin Horn july 22, Miami Herald, 22 July 2026

By the time the 2027-28 season rolls around, the grace period will be over. — Vincent Z. Mercogliano, New York Times, 21 July 2026

The wave of defaults started after the pandemic As a pandemic relief measure, the federal government allowed borrowers to suspend student loan payments until 2023, and President Joe Biden’s administration then provided a one-year grace period. — Nicky Forster, Chicago Tribune, 20 July 2026

As a pandemic relief measure, the federal government allowed borrowers to suspend student loan payments until 2023, and President Joe Biden’s administration then provided a one-year grace period. — Heather Hollingsworth, Fortune, 20 July 2026

Word History

First Known Use

1907, in the meaning defined above

Rhymes for grace period

• myriad
• photoperiod

Legal Definition

grace period

noun

grace pe·​ri·​od

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a

: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b

: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

called also days of grace